Sex.com domain name heads back to auction block
NEW YORK (Reuters) - The bankrupt company that owns the Sex.com domain name and its creditors have reached an agreement to put the valuable name back up for sale.
The web address, which was reported to have sold for $14 million in 2006 to owner Escom LLC, is considered among the most valuable in the world. It will be auctioned off by domain name marketplace Sedo.com, according to court papers filed on Thursday.
An earlier foreclosure auction was set to take place March 18 in New York, but was halted when three of Escom's creditors filed an involuntary bankruptcy proceeding against the website owner in California, saying they were owed more than $10 million.
A settlement agreement between the company, its lenders and creditors filed with the bankruptcy court on Thursday said a sale "should occur as expeditiously as possible."
According to the court papers, the sale will be conducted under Section 363 of the bankruptcy code, which allows bankrupt companies to sell their assets free and clear of liens and other encumbrances.
The case is In re: Escom LLC, U.S. Bankruptcy Court, Central District of California, No. 10-13001.
(Reporting by Emily Chasan, editing by Gerald E. McCormick)
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